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FRC launches probe into KPMG’s audit of BNY Mellon

The Financial Reporting Council (FRC) has opened an investigation into the conduct of the audit arm of KPMG UK as the auditors of the Bank of New York Mellon London branch and The Bank of New York Mellon International (BNY Mellon).

The UK watchdog's probe is in relation to KPMG's role in reporting BNY Mellon's compliance with the Financial Services Authority client asset rules from 2007 to 2011.

This comes after BNY Mellon, the world's biggest custody bank, was fined a record £126m by the Financial Conduct Authority (FCA) last April, for failing to keep customer money safe during the financial crisis.

A KPMG spokesperson said: "We are committed to setting the highest standards in our work and will co-operate fully with the FRC in its enquiries."

The FRC has opened a similar investigation into PwC UK's audits of Barclays Bank.

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